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3 Kickass Reasons Cloud Accounting Boosts Profits
"integrate almost every service you could ever dream about into your business.Team Waddle
Image credit: The Flash (1990 TV series)
You’ll need to reprogram your brain if you think cloud accounting is just for bookkeeping…
What if you could automate, streamline and remove almost 100% of your administrational tasks? Your time spent on profit generating activities could almost double, allowing you to focus on the fun stuff, divert staff time to other activities or simply spend more time binge watching Netflix.
Business owners, no doubt have heard the phrase “cloud accounting” and they’re either for or against the idea. Before dismissing it as a mere fancy bookkeeping new age term, be careful not to bypass releasing a whole new world of possibilities.
SEE ALSO: Cloud Accounting – Moving Offline to Online: Podcast
We could write about data security and all the misconceptions thrown around by the resistance however, we are here to open you up to the myriad of possibilities that’ll be unlocked once you take the (very easy) plunge into the new ecosystem that integrates almost every service you could ever dream of into your business.
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3 profit optimising benefits of cloud accounting:
Increase productivity through crazy time savings
Reconciling is a painfully slow task that was begging to be abolished (well almost). Cloud accounting has what’s called “bank feeds”, meaning you can choose to link your bank account and have your bank statements automatically fed into your accounting system. This allows you to match transactions with the click of button.
Check out bank feeds for: Xero | MYOB | QuickBooks
The magic really starts to happen once the system starts to learn that some repetitive transactions get matched automatically to items, like sales, bills, expenses etc. You can even set up some specific rules and fly through your bank reconciliations.
Access “enterprise like” add-ons & customise
Every heard the term “enterprise software” or ERP and thought that’s only for big business and it’s super expensive?
Products like Xero and Quickbooks Online have ecosystems with hundreds of ‘add-ons’ to choose from. This means that you can enhance and customise your accounting ecosystem for only a few hundred bucks a month.
These services include add-on’s such as inventory management, business loans, invoice chasing, automated receipt data entry, and advanced cash flow forecasting.
SEE ALSO: How “cloud” invoice financing software eliminates cash flow gaps
Simply put, you can bolt on or remove any service, controlling the fixed costs to your business. Each add-on is an independent company from the accounting platform and specialise in each area. Best of all most of these services also integrate with each other allowing you to create interconnected custom packages similar to enterprise ERP systems used by very large companies.
You’ll also find that cloud accounting providers like Xero and QuickBooks have very high standards for the services they allow onto their “marketplaces”. Take the time to explore these and decide which providers’ add-on network can allow you to scale up your operation.
Do anything, anywhere, anytime – super fast! (like “The Flash“)
As if you don’t work hard enough already, well now you can access your financial information, securely, 24/7, from anywhere, as long as you have an internet connection.
Raise new invoices instantly, send them out, get paid quicker and organise any business process from your add-on network anywhere in the world.
Remember when you said, “I’ll take care of when I am back in the office”. Well, you can still say that, but sneakily take care of it on your phone or tablet straight away and impress anyone with your efficiency.
It also means that you can automate invoices reminders, accept payment and even use third party financing apps like Waddle to drawdown funds as soon as you raise invoices, pretty neat right?
So if you’re still not convinced then let us convince you by subscribing to our blog or at least sign up for a trial with a cloud accounting provider and test drive some of the features. If you’re dead set on staying “offline” and don’t require any automation or productivity benefits that cloud accounting can bring then our hats off to you.
“You won’t regret your decision to get this set up.”
– Blake Hammon *Certified Xero Review
CHECK OUT THE WADDLE ADD-ON